Business News

Steklarna Hrastnik boosts half-year profit by 54% to EUR 5.9m

Hrastnik, 26 July (STA) - Glass maker Steklarna Hrastnik recorded EUR 33 million in revenue in the first half of 2019, a 11% year-on-year increase, and a net profit of EUR 5.9 million, a 54% improvement and 30% above plans.

The company told the STA that its glass packaging division had been the main driving force behind the successful results, with revenue in this segment up 35% compared to the same period last year.

"We currently hold a 0.7% global market share in the packaging segment and there is potential for growth."

This is also the reason why Steklarna Hrastnik plans to invest EUR 24.6 million into an expansion of the glass packaging segment towards the end of next year. The investment will include a larger glass furnace and new product lines.

Also in the pipeline is another 400-kW solar power plant that would allow the glass maker to cover 3% of its electricity needs. The first solar power plant was already launched at Steklarna Hrastnik in March this year, with the idea also being to reduce the company's carbon footprint.

Steklarna Hrastnik moreover stressed that added value per employee stood at EUR 56,860 in the first half of the year, which is a 29% improvement year-on-year. Wages were raised for a number of employees in January, which increased labour costs by 12% in the first six months. In the past two years the total labour cost increase per employee was 25%.

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